1 in 5 employees are already looking for a new job in January Nearly half of the UK workforce (47%) will be looking for a new job in 2018, with nearl
1 in 5 employees are already looking for a new job in January
Nearly half of the UK workforce (47%) will be looking for a new job in 2018, with nearly 1 in 5 people already actively searching for opportunities, according to new research produced by Investors in People (IIP) in their annual Job Exodus Survey 2018.
These findings highlight an improvement in satisfaction across the UK job market, representing a fall of 12% on last year’s figure, where 59% of respondents stated the intention to seek a new job. However, despite the reduction in the proportion of those considering a job move, there are still nearly 1 in 4 unhappy workers.
IIP CEO Paul Devoy comments: “In a year where unemployment has reached its lowest level since 1975, but wages have stagnated, the improvements to the labour market have failed to translate to the pockets of UK workers. With research suggesting that employee disengagement costs the UK economy £340 billion annually, bad leadership is eroding UK productivity. With 49% of workers citing poor management as the main reason they’re considering looking for a new job next year, management strategies must evolve to meet the demands of employees if organisations are to retain staff.”
The statistics also revealed that nearly a third (31%)of people would rather have a more flexible approach to working than a 3% pay rise, suggesting that by offering simple schemes like remote working, employers can improve job satisfaction.
The top three reasons for people wanting a new job are:
- They feel they can get more satisfaction elsewhere (48%)
- They feel they can get more money elsewhere (43%)
- They don’t feel their skills are valued by current employers (29%)
The poll also asked respondents how they thought Britain’s decision to leave the EU would affect their jobs. IIP’s results revealed that 23% of people believe that Brexit will negatively impact their job security. This result suggests that until there is more certainty about the post- Brexit deal for the UK, it is likely to continue to be a cause for concern.
The findings of Job Exodus 2018 show that if employers wish to attract and retain staff, they must not only offer pay at a competitive level for their sector, but they must also ensure good quality, enjoyable work.
Communication of remuneration packages is key
Employers who do not communicate total remuneration packages well to existing staff and interviewees risk jeopardising their organisation’s recruitment and retention potential. That’s the warning from GRiD, the industry body for the group risk protection sector (employer-sponsored life assurance, income protection and critical illness protection benefits).
GRiD research found that:
- only a fifth of organisations discuss group risk benefits at interview stage, effectively downplaying the overall benefits package available to the candidate, and
- only a quarter of organisations make a point of issuing regular communications on group risk and other benefits to existing staff, therefore undervaluing the current workforce’s benefits package
This error by omission could lead to an organisation both losing staff if they are lured by a seemingly more lucrative package elsewhere, and also in a failure to recruit suitable replacements. Both of which are expensive mistakes to make when 43 per cent** of those looking for a new job say they are attracted by more money elsewhere.
Katharine Moxham, spokesperson for GRiD said: “Employees and interview candidates may well assume that an organisation is communicating the best possible total remuneration package available to them in order to attract and keep them – but if the package doesn’t appear to be competitive, the individual is likely to look elsewhere for employment.
“Group risk products represent great value for money in terms of a recruitment and retention tool – they are fairly low cost to offer, with high returns and great added value benefits for individuals. In addition, protection products are clearly very useful at difficult times in people’s lives, so they can also be deployed to demonstrate that the organisation cares about both the physical, mental and financial wellbeing of its employees.”
Avoid HR jargon
GRiD also warns employers to talk in the language of employees, not in HR jargon. The term group risk is not particularly well known or used by employees but using the constituent product terms – life insurance, income protection and critical illness – and giving a little more information about each, will also help the individual to better value the benefit.
Moxham concluded: “Those employers that do talk group risk – either at interview, or more regularly – to their staff, are the ones that are going to get the most value from their benefits. We all know that employee benefits can be a great recruitment and retention tool, but only if they are effectively communicated and explained.”
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